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Prime rate stays the same...

The new Governor of the Bank of Canada, Stephen Poloz, maintained
the status quo set by his predecessor, Mark Carney, by leaving the prime
lending rate unchanged in the interest rate announcement yesterday. Poloz
also inferred that he doesn't see the prime lending rate moving anytime soon as
Canada's economy is still "choppy in the near term".

This latest announcement by Canada's central bank is good
news for borrowers looking for a low cost alternative to the 5 year fixed
mortgage since rates rose a few weeks ago. With variable rate mortgages at prime less 0.40% it is a low cost option when compared to the current five year fixed mortgage. However, variable rate mortgages are more difficult to qualify for than the five year fixed mortgage so it's best to ask your mortgage broker if this particular product would work for your individual situation.

Natalie Wellings: Edmonton Mortgage Broker

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About Independent Mortgage Brokers & Associates:

There are many benefits to using an independent mortgage broker to obtain mortgage financing.

1. I am independent. I can give you multiple mortgage options based on a variety of factors (rate isn't always the only important consideration).

2. Mortgage brokers deal with a variety of lending institutions and can quote rates and products from several lending institutions.

3. Mortgage brokers will work quickly and efficiently to help select a mortgage lender that meets your needs, guide you all the way through the application to the approval process, as well as offer personalized service and advice over the life of your mortgage.

4. The best part? The lenders pay me to set up your financing and send business their way so there is usually no charge for you to use an independent broker to arrange your financing!

If you require a mortgage, want a second opinion or have any questions in regards to mortgage financing, I would be pleased to assist you.

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About this blog:

The author of this blog, Natalie Wellings, is a licensed Mortgage Broker in the province of Alberta. The opinions expressed within this blog are those of the author and are simply that, opinions! The views expressed in this blog are not intended to advise you in any way, as your needs may differ depending on your particular situation. The information provided in this blog is not guaranteed to be accurate and is subject to change at any time. For legal advice/information, please consult a lawyer. For real estate advice/information, please contact a licensed Realtor. For tax advice/information, please consult an accountant. For investment advice/information, please contact a financial adviser.

Blog Disclaimer:

The information contained within this blog and posted by the author is believed to be true but cannot be guaranteed to be so. The author of this blog takes absolutely no responsibility for the comments posted by third parties on this blog.